The digitization of services has both advantages and disadvantages.
Businesses continue to boom since the birth of the internet in business. Shopping and conducting business activities has been made easier and quicker with increased adoption of the internet.
However, your business operators face various challenges. Based on a survey conducted by Statista, online retail businesses made sales of about 342.96 billion dollars in 2015.
And, this sale was forecasted to surpass 600 billion dollars in 2019. This shows how business has been good on online platforms.
But, with every great thing comes a challenge. Here’re are solutions to major issues online businesses experience:
- A solution to the competition analysis problem
- Return and refund policies for products
- Power backup
- Maintaining customer loyalty
- Identity theft protection
5 Major Solutions for Online-Based Businesses to Overcome Common Problems
1. A competitor analysis solution
With more businesses being set up online, competition in dealers selling the same kind of goods has also heightened. They offer the same services and sell the same products. It then becomes a challenge to make your business distinguishable among other existing businesses.
Be creative and thoughtful to make your business stand out from other competitive businesses. To solve this problem, you must carry out a thorough competitor analysis.
Do research to get to know the products and services your competitors offer, including the quality of the same. Know your competitors’ prices and the platforms on which they connect to their customers.
Get to know every essential information and use that knowledge as your tool for crafting a successful strategy.
Knowledge is power. And, with this information in hand, work on your services and product offerings. Deliver exceptional customer service in an impeccable manner.
2. Return and refund policies for products
Customers often check if there’s a return policy before purchasing any product. Customers are also concerned with the delivery date of goods after they’ve been ordered.
Deliveries that take longer discourage customers from making orders from the same store in the future. Over recent years, many customers make returns after purchasing products for varied reasons.
You must make sure that you work on your return and refund policy because it’s essential to some customers. Your business must be able to allow customers to return purchased products if they aren’t satisfied with the delivered product.
Don’t be tricky for your customers. Neither should you lie about your policies. Be transparent with your customers with your return and refund policy into consideration.
Post information about your policies on your websites and on platforms where customers will find them easily.
3. Identity theft protection
Online businesses are prone to online attacks from people who aim at getting confidential information from businesses and business owners. The personal information can be used for purposes other than you, the business owner, intended.
You must protect your identity well and invest in data security. Make your business passwords and confidential information private and only accessible to authorized persons. You can also hire an identity protection specialist to help with your business.
Alternatively, invest in an identity theft protection solution.
4. Power backup
Online businesses take place on the internet. To log in to online platforms, you must use devices. And, these devices use power.
Online businesses give your business the opportunity to run 24/7. Therefore, you must have a stable source of power. To keep your business running all through, you must have reliable access to both the internet and power.
A major challenge is determining whether your power supply is regular and dependable. What’s more, power outages are a common problem in many parts of the world. To solve this problem, consider investing in power backups.
Power backups are available in various forms. Generators are an efficient power back up plan that most people prefer, and you can depend on it. To ensure that your business runs every time, consider purchasing a generator for your power backup plan.
For instance, inverter generators are great for anyone or business in need of power backup for business continuity in case of a blackout.
5. Maintaining customer loyalty
Acquiring a new customer is more expensive than retaining an existing client. Getting new customers and keeping them, especially online, where it’s hard to trust anyone, isn’t easy. You must be creative enough to help customers to develop loyalty towards you and your business.
Work on your customer service delivery if you’re to win the trust of several customers. Be positive with your customers and offer your services transparently. Also, be a regular blogger and send information to your customers through email.
Most customers prefer email as a platform for communicating with business owners. Work on making your customers happy, and they’ll most likely develop trust and loyalty to your services.
Therefore, they’re bound to love your services compared to other businesses.
Doing business online has some advantages over physical stores. However, some issues are linked to running online businesses. There’s been a sharp growth in online businesses. Competition has also stiffened, explaining the need to be exceptional in your service delivery.